Full Service Bankruptcy And Debt-Relief Lawyers

Bankruptcy: Identifying the sources of financial burden

On behalf of Minnillo & Jenkins, CO. LPA posted in Bankruptcy on Thursday, September 27, 2018.

For many individuals in Ohio and elsewhere who are experiencing major financial struggles, debts may come from the usual suspects, such as medical and credit card bills. However, some may have more difficulty identifying the source of their financial concerns. Even though these sources can be challenging to detect, they can still create a heavy financial burden and leave a person in search of relief through outlets such as bankruptcy.

When it comes to dealing with debt, a person's first instinct could be to divide additional income evenly among all financial obligations. However, experts suggest that similar decisions may do little to resolve one's balances, especially those with high interest rates. In some cases, a person may also feel it is necessary to dip into savings accounts to pay down on debts, such an action could have long-term consequences that might leave a person unprepared for the future.

Studies also suggest that signing up for subscription services could also prove financially demanding. While the costs associated with applications that allow a person to stream movies or music may seem low, multiple subscriptions can add up. When shopping online, one may encounter promotions or limited time deals by opening lines of credit. While these offers may initially provide a person with savings on a purchase, failing to pay off a balance before a promotion ends could bring about disastrous consequences.

Regardless of how it happens, dealing with high amounts of debt can be daunting. Individuals who struggle due to overwhelming financial obligations may wish to know more about their available options, and they could benefit from speaking with a bankruptcy attorney for some much-needed advice. An attorney in Ohio can address a client's situation and assist him or her in forming a plan to pursue relief from debts and work toward achieving financial stability.

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